doc. PhDr. Adam Geršl, Ph.D.

Adam Geršl is the Director of the Institute of Economic Studies (IES) at the Faculty of Social Sciences, Charles University, Prague, Czech Republic. He teaches courses on banking and systemic risk, and his research focuses on macro-financial linkages, financial stability, macroprudential policy, banking, and international finance. He regularly serves as a consultant for the IMF and the World Bank, providing technical assistance to central banks and financial regulators worldwide. Before joining the IES in 2020, he was a Lead Economist at the Joint Vienna Institute—the IMF Regional Training Center in Vienna, Austria, for Central, Eastern, and Southeastern Europe, the Caucasus, and Central Asia—from 2012 to 2020. Prior to that, he served as the Deputy Director of the Financial Stability Department at the Czech National Bank. From 2004 to 2006, he worked at the European Central Bank. He studied in Prague, Konstanz, and Freiburg, and holds a Ph.D. in Economics from Charles University.

• Macro-financial Linkages
• Financial Stability
• Macroprudential Policy
• Banking and Bank Regulation
• Central banking
• International Finance
• Financial Markets
• Political Economy
• Foreign Direct Investment

Monographs

• Vencovský F., Půlpán K., Bažantová I., Sojka M., Půlpánová S., Geršl A., & Koderová J. (2005). Dějiny měnových teorií na českém území. Oeconomica.

Chapters in monographs

• Geršl A., & Půlpán K. (2005). Monetární myšlení Václava Klause jako reprezentanta snahy o zásadní změnu systému. Dějiny měnových teorií na českém území (pp. 323-339).
• Geršl A., & Jakubík P. (2009). Modely bankovního financování českých podniků a úvěrové riziko. Zpráva o finanční stabilitě 2008/2009 (pp. 90-98).
• Geršl A. (2006). Transformation in Tschechien : EU-Beitrittsverhandlungen und ihr Einfluss auf formelle und informelle Institutionen. Die Interaktion der ökonomischen Kulturen und Institutionen im erweiterten Europa (pp. 81-96).

Articles

• Geršl A., & Hlaváček M. (2007). Foreign direct investment, corporate finance, and the life cycle of investment. Finance a úvěr, 57(9-10), 448-464. UT-WOS link
• Geršl A. (2004). Foreign exchange intervention : the theoretical debate and the Czech koruna episode. Finance a úvěr, 54(3-4), 94-116. UT-WOS link
• Geršl A. (2007). Foreign banks, foreign lending and cross-border contagion : evidence from the BIS data. Finance a úvěr, 57(1-2), 27-40. UT-WOS link
• Geršl A. (2007). Political economy of public deficit : perspectives for constitutional reform. Acta Universitatis Carolinae. Oeconomica, Czech Economic Review, 1(1), 67-86.
• Geršl A. (2007). Cross-border lending and the risk of contagion. CNB Economic Research Bulletin, 5(1), 6-8.
• Geršl A., & Holub T. (2006). Foreign exchange interventions under inflation targeting : the Czech experience. Contemporary Economic Policy, 24(4), 475-491. UT-WOS link
• Geršl A. (2006). Testing the effectiveness of the Czech national bank's foreign exchange interventions. Finance a úvěr, 56(9-10), 398-415. UT-WOS link
• Geršl A. (2006). Political pressure on central banks : the case of the Czech national bank. Finance a úvěr, 56(1-2), 18-39. UT-WOS link
• Geršl A. (2006). Development of formal and informal institutions in the Czech Republic and other new EU member states before their EU entry : did the EU pressure have impact?. Prague Economic Papers, 15(1), 78-90.
• Geršl A., & Komárková Z. (2009). Liquidity risk and banks' bidding behavior : evidence from the global financial crisis. Finance a úvěr, 59(6), 577-592. UT-WOS link
• Geršl A. (2008). Productivity, export performance and financing of the Czech corporate sector: the effects of foreign direct investment. Finance a úvěr, 58(5-6), 231-247. UT-WOS link
• Geršl A., & Heřmánek J. (2008). Indicators of financial system stability : towards an aggregate financial stability indicator?. Prague Economic Papers, 17(2), 127-142. UT-WOS link
• Geršl A. (2008). Three indirect effects of foreign direct investment : evidence from the Czech Republic. Acta VŠFS, 2(1), 15-37.
• Geršl A. (2000). Liberalizace energetiky v ČR. Acta Universitatis Carolinae Oeconomica, 53-110.
• Geršl A., & Jakubík P. (2011). Relationship lending in emerging markets: evidence from the Czech Republic. Comparative economic studies, 53(4), 575-596.
• Geršl A., & Jakubík P. (2012). How Important Is the Adverse Feedback Loop for the Banking Sector?. Ekonomicky Casopis, 60(1), 32-49. UT-WOS link
• Geršl A., Komárková Z., & Komárek L. (2016). Liquidity Stress Testing with Second-Round Effects: Application to the Czech Banking Sector. Finance a úvěr, 66(1), 32-49. UT-WOS link
• Geršl A., & Seidler J. (2012). Excessive Credit Growth and Countercyclical Capital Buffers in Basel III: An Empirical Evidence from Central and East European Countries. Acta VŠFS, 6(2), 91-107.
• Geršl A., Jakubík P., Konečný T., & Seidler J. (2013). Dynamic Stress Testing: The Framework for Assessing the Resilience of the Banking Sector Used by the Czech National Bank. Finance a úvěr, 63(6), 505-536. UT-WOS link
• Geršl A., Jašová M., & Zápal J. (2014). Fiscal Councils and Economic Volatility. Finance a úvěr, 64(3), 190-212. UT-WOS link
• Geršl A., & Jašová M. (2014). Measures to tame credit growth: Are they effective?. Economic Systems, 38(1), 7-25. UT-WOS link
• Geršl A., & Lešanovská J. (2014). Explaining the Czech interbank market risk premium. Economic Systems, 38(4), 536-551. UT-WOS link
• Geršl A., Jakubík P., Kowalczyk D., Ongena S., & Peydro J. (2015). Monetary Conditions and Banks' Behaviour in the Czech Republic. Open Economies Review, 26(3), 407-445. UT-WOS link
• Geršl A., Jakubík P., Kowalczyk D., Ongena S., & Peydró-Alcalde J. (2012). Monetary conditions and banks' behaviour in the Czech Republic. Economic Research Bulletin, 10(2), 13-16.
• Geršl A., & Seidler J. (2015). Countercyclical Capital Buffers and Credit-to-GDP Gaps: Simulation for Central, Eastern, and Southeastern Europe. Eastern European Economics, 53(6), 439-465. UT-WOS link
• Geršl A., & Jašová M. (2018). Credit-based early warning indicators of banking crises in emerging markets. Economic Systems, 42(1), 18-31. UT-WOS link
• Geršl A., & Seidler J. (2012). How to Improve the Quality of Stress Tests through Backtesting. Finance a úvěr, 62(4), 325-346. UT-WOS link
• Geršl A., & Mitterling T. (2021). Forecast-Augmented Credit-to-GDP Gap as an Early Warning Indicator of Banking Crises. Finance a úvěr, 71(4), 323-351. UT-WOS link
• Crespo-Cuaresma J., Geršl A., & Slačík T. (2010). Could markets have helped predict the puzzling exchange rate path in CESEE countries during the current crisis?. Focus on European Economic Integration, 2010(März), 32-48.
• Hlaváček M., Geršl A., Cahlík T., & Berlemann M. (2003). Predikce využívající experimentální trhy. Politická ekonomie, 51(6), 838-850. UT-WOS link
• Brechler J., & Geršl A. (2014). Political legislation cycle in the Czech Republic. Constitutional Political Economy, 25(2), 137-153.
• Hlaváček M., Geršl A., Cahlík T., & Berlemann M. (2002). Využití experimentálních trhů pro predikce. Finance a úvěr, 52(11), 625-625. UT-WOS link
• Skufi L., & Geršl A. (2023). Using Macrofinancial Models to Simulate Macroeconomic Developments During the COVID-19 Pandemic: The Case of Albania. Eastern European Economics, 61(5), 517-553. UT-WOS link
• Jandrić A., & Geršl A. (2025). Exploring Institutional Determinants of Private Equity and Venture Capital Activity in Europe. Finance a úvěr, 75(4), 400-422. UT-WOS link
• Skufi L., Papavangjeli M., & Geršl A. (2025). Migration, remittances, and wage-inflation spillovers: The case of Albania. Economic Systems, 49(4), UT-WOS link
• Švéda J., Baxa J., & Geršl A. (2024). Fiscal Consolidation under Market's Scrutiny: How Government Communication Affects Bond Yields. Finance a úvěr, 74(2), 221-254. UT-WOS link
• Cahlík T., Hlaváček M., & Geršl A. (2005). Market prices as indicators of the evidence of political events from the experimental market on the Czech Republic parliamentary election in 2002. Prague social science studies. Economics series, 2005(EC-003), 3-26.

Contributions in the conference proceedings

• Geršl A., Rubene I., & Zumer T. (2007). Foreign direct investment and productivity spillovers in the Central and Eastern European countries. Emerging markets : any lessons for Southeastern Europe? : March 5 and 6, 2007 (pp. 46-83).
• Seidler J., & Geršl A. (2010). Stress testing: conservative calibration and regular verification. Proceedings of the 2nd International Conference on Business and Economy (pp. 126-138).
• Seidler J., & Geršl A. (2011). Credit Growth and Capital Buffers: Empirical Evidence from Central and Eastern European Countries. Proceedings of World Academy of Science, Engineering and Technology (pp. 2976-2989).

A list of grants and projects can be found here

2011 František Vencovský Prize, 1st place
2007 František Vencovský Prize, 1st place
2001 Karel Engliš Prize